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that is called suspending the debt ceiling, you raise the debt ceiling so you put a lid on what the government can spend. when you reach your credit, they will give you another thousand dollars and that is new limit. what has now happened is capitol hill has suspended that limit, now you are going to american express card with no limit and you have given the president no limit until mid may? >> i don't think american express would like the comparison because it couldn't be as bad. [ laughter ] >> but they are limited by the appropriations process and house and senate under the constitution have the power of the purse. he is not supposed to spend important. having said that, you are right. it's a huge problem. we should not extend the debt limit again. what is coming up, it may be four to six months unless there are legally spending cuts. i proposed that legislation. it got a lot of votes on the floor but it's simple idea. reduction of spending for every dollar increase in debt limit and you get to balanced budget over ten years if you do that. >> greta: breaking news, it's an important topic.
that is called suspending the debt ceiling, you raise the debt ceiling so you put a lid on what the government can spend. when you reach your credit, they will give you another thousand dollars and that is new limit. what has now happened is capitol hill has suspended that limit, now you are going to american express card with no limit and you have given the president no limit until mid may? >> i don't think american express would like the comparison because it couldn't be as bad. [...
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Feb 1, 2013
02/13
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and certainly, anything that washington does as we saw with the first debt ceiling negotiations, anything that washington does that adds to the uncertainty certainly doesn't help the economy. so i think most people would like to see these people sort of get their act together before the deadline, hopefully. >> well, in fact, senator roy blunt just blamed uncertainty. let me play that. >> uncertainty is probably even a greater problem than contraction. if we knew what the government spending was going to be with some certainty, that would be better than this constant not knowing. we're on the 60-day clock and then on the 90-day clock. we need to get on a four and five-year clock. and that's why a budget and appropriations bills will make a difference, chuck. >> what are the chances, michael, of those things happening? >> well, you know, i think a long-term solution doesn't look very practical right now. and one reason is that members of congress like mr. blunt, republicans, are -- i think that it's more important not to give more ground on taxes than it is to create certainty. so i think e
and certainly, anything that washington does as we saw with the first debt ceiling negotiations, anything that washington does that adds to the uncertainty certainly doesn't help the economy. so i think most people would like to see these people sort of get their act together before the deadline, hopefully. >> well, in fact, senator roy blunt just blamed uncertainty. let me play that. >> uncertainty is probably even a greater problem than contraction. if we knew what the government...
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Feb 2, 2013
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ceiling battles? will all of these numbers go out the window? >> well i think the biggest problem this country has is debt. eventually debt has to be paid back and the problem is we adding three billion a day to the deficit, and i'm just worried that one day we're going to wake up and the market's eyes are going to open up and say wait a minute, look at all these debt and start hitting the wrong way. but look. so far so good. for whatever reason the market likes what it sees, and i never argue with the market. it's kind of stupid to do that. i think you would be run over by a train if you bet against it right now. >> heather: gary kaltbaum joining us. thank you so much. we appreciate your insight as always. >> my pleasure. thank you. >> gregg: so he gave us the barney cam. remember that, and he was by president bush's side throughout his eight years in the white house. what the former president is now saying about his beloved scottish terrier. yeah the barney cam. >> heather: hours before the big game
ceiling battles? will all of these numbers go out the window? >> well i think the biggest problem this country has is debt. eventually debt has to be paid back and the problem is we adding three billion a day to the deficit, and i'm just worried that one day we're going to wake up and the market's eyes are going to open up and say wait a minute, look at all these debt and start hitting the wrong way. but look. so far so good. for whatever reason the market likes what it sees, and i never...
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Feb 4, 2013
02/13
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then they decide not to fight on the debt ceiling and they need to move the attention on to something else. say they do have leverage elsewhere. so they have chosen sequester and put up a very brave face on it. it's possible they could convince themselves to let it actually happen but the idea that they get some sort of significant political gain from it, these are cuts they hated and they hated in large part because they hurt things they care about. so to permit the sequester to go forward on that kind of rationale is not a political win, not a policy win. everybody is losing. >> the "new york times" op-ed says more than a million jobs are on the line if this deal isn't made. a quote saying the losses will soon spread as contracts to states and cities are cut, education and police grants are cut, and payments to medicare providers are cut, even the aid just approved to victims of hurricane sandy will fall under the sequester's act. americans are about to find out what happens when an entire political party demands deficit reduction at all costs because those costs will be enormous. t
then they decide not to fight on the debt ceiling and they need to move the attention on to something else. say they do have leverage elsewhere. so they have chosen sequester and put up a very brave face on it. it's possible they could convince themselves to let it actually happen but the idea that they get some sort of significant political gain from it, these are cuts they hated and they hated in large part because they hurt things they care about. so to permit the sequester to go forward on...
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Feb 5, 2013
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the republicans said -- >> the debt ceiling. >> and wall street came in and said, yes, you are. and now on immigration reform the president is appealing to the people who understand what responsibility immigration reform can mean for business and the economy. he's actually not getting democrats to beat the republicans. he's getting republicans to beat the republicans. it's a great strategy. >> what do you make of it, michael, from the other side. jimmy carter was accused of having too many balls in the air when he was president. this time the president wants to throw a lot at the republicans and keep them off guard. >> it reminds me of 2009 all over again. instead of focusing on the paramount issue that every american is still fising, the jobs, the economy -- >> what's the republican job program? >> it's not about the republican job -- >> you just brought it up. what's your party's program? >> you're asking about the president, let me address the president. doesn't ask about the republicans. i'm telling what you the president is doing. my analysis of what the president is doing
the republicans said -- >> the debt ceiling. >> and wall street came in and said, yes, you are. and now on immigration reform the president is appealing to the people who understand what responsibility immigration reform can mean for business and the economy. he's actually not getting democrats to beat the republicans. he's getting republicans to beat the republicans. it's a great strategy. >> what do you make of it, michael, from the other side. jimmy carter was accused of...
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Feb 5, 2013
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obama suggested it in negotiations in the debt ceiling in 2011 but now he doesn't want any domestic cuts. he's not somebody who wants cuts anywhere, anytime and this will be forced on him and on the pentagon cuts which he thought the republicans would avoid. he's the commander in chief. he has to worry about the forces, his own secretary of defense said we'll hollow out the forces and it will cost a lot of jobs of contractors, a lot of whom live in a state he wants, virginia. so he has to do something about this and it's unbelievable he would have offered the republicans a deal in which there are extra tax increases. republicans will do nothing and they should do nothing and demand if the president wants to avoid this, you do the cuts but do them somewhere else but no tax increases. >> charles lam, twice republicans have caved in to the demands of the white house and other democrats. do you think they'll do that again or will they do nothing? >> i prefer not to think of it as caving in. perhaps there's time for everyone to get reasonable. i agree with charles that the president's probabl
obama suggested it in negotiations in the debt ceiling in 2011 but now he doesn't want any domestic cuts. he's not somebody who wants cuts anywhere, anytime and this will be forced on him and on the pentagon cuts which he thought the republicans would avoid. he's the commander in chief. he has to worry about the forces, his own secretary of defense said we'll hollow out the forces and it will cost a lot of jobs of contractors, a lot of whom live in a state he wants, virginia. so he has to do...
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Feb 3, 2013
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>> i like the metaphor claire mccaskill had when they raised the debt ceiling for three months. they are like death penalty appeals. every minute, every time they have a short term fix, people are brought to the brink again. the american people are brought to the brink again. i thought it was heartening to hear from harry reid he was interested in it's not just defense talks we are talking ant. there's $500 billion in domestic cuts. once people realize republicans want to hold the economy hostage over tax cuts for the rich and even the tiny amount of concession made before was not enough for them. they start to see the impact of the cuts. i think they may have to come to the table. >> really quick in terms of march 1st, are we going to punt and have this conversation in the summer or get something done and have this fixed once and for all? robert? >> it seems like based on history we are going to punt on this again. as i said before, republicans have done a good job of keeping the democrats and the white house in defense. if history is our guide, i'm not surprised if we kick the
>> i like the metaphor claire mccaskill had when they raised the debt ceiling for three months. they are like death penalty appeals. every minute, every time they have a short term fix, people are brought to the brink again. the american people are brought to the brink again. i thought it was heartening to hear from harry reid he was interested in it's not just defense talks we are talking ant. there's $500 billion in domestic cuts. once people realize republicans want to hold the economy...
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Feb 2, 2013
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there's the fiscal cliff, the debt ceiling. now the sequester. i mean, we're now talk about perhaps $85 billion in spending cuts in 2013 if they don't get their act together on the sequester. that's pointing exactly in the opposite direction. so the fed is kind of setting the table but not getting the support from the congress on the fiscal side. >> so given the looming debt ceiling limit here, this week on morning joe the "new york times" economist argued why the u.s. should spend now and worry about deficit reduction later. here it is. >> dashing spending when you still have depressed economy is really destructive. it's probably even counterproductive even in purely fiscal terms. we should be sustaining government spending until we have a stronger economic recovery. >> this is not a hard call. as long as we have 4 million people who have been unemployed for more than a year, this is not a time to be worrying about reducing the budget deficit. give me something that looks more like a normal employment situation and i'll become a deficit hawk but
there's the fiscal cliff, the debt ceiling. now the sequester. i mean, we're now talk about perhaps $85 billion in spending cuts in 2013 if they don't get their act together on the sequester. that's pointing exactly in the opposite direction. so the fed is kind of setting the table but not getting the support from the congress on the fiscal side. >> so given the looming debt ceiling limit here, this week on morning joe the "new york times" economist argued why the u.s. should...
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Feb 3, 2013
02/13
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ceiling. they get the problems down the road-- >>> that's the problem -- >> well, joe. that is true. but the point about small business driving the economy. what is the biggest impediment? $1 trillion in new taxes that the president has imposed and also obamacare. let's be honest. the senate democrats don't move without the white house's okay -- >> well, actually i. the president needs to pass a budget and get serious, honestly about the debt and the regulation. he has 6,000 new regulations on the epa web site that i promise are going to hinder small business growth. i agree with you. both parties are to claim. but the president needs to take an honest look in the mirror. >> eric: how do we break this? where do you go for daylight? how do we get rid of the gridlock? >> if i could, thank you. i think we need to look at this in perspective. we know during the bush era, there were more epa regulations passed in the first four years of president obama's tenure. the real issue is, what small busine
ceiling. they get the problems down the road-- >>> that's the problem -- >> well, joe. that is true. but the point about small business driving the economy. what is the biggest impediment? $1 trillion in new taxes that the president has imposed and also obamacare. let's be honest. the senate democrats don't move without the white house's okay -- >> well, actually i. the president needs to pass a budget and get serious, honestly about the debt and the regulation. he has...
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Jan 31, 2013
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. >> they approved the house back no, budget no, pay bill with the current debt ceiling of $64 trillion in mid-may when it is estimated to be $50 million more. the house and senate have to pass budget by mid-april or member paychecks will be held. >> the united states could default on the obligation every few months. not an ideal way to run a government. a short-term solution is better than another imminent manufacturered crisis. >> house republicans passed budget in the obama era and created the salary threat so senate democrats who have not do so this year. >> republicans tried to pass amendments that prioritize payments when cash runs first, pay interest first, social security and active duty military pay. and measure offsetting new debt with the matching spending cut. >> no gimmicks or timing shifts but these would be real cuts and growth in federal spending. >> democrats blocked each amendment. the no budget no, pay act sent unauthorred to the president for promiseed signature. >> the motion carries. >> there is no break in the battle. new deadlines loom. unless the two parties agr
. >> they approved the house back no, budget no, pay bill with the current debt ceiling of $64 trillion in mid-may when it is estimated to be $50 million more. the house and senate have to pass budget by mid-april or member paychecks will be held. >> the united states could default on the obligation every few months. not an ideal way to run a government. a short-term solution is better than another imminent manufacturered crisis. >> house republicans passed budget in the obama...
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we did not go over the fiscal cliff and we did not hit the debt ceiling. evidence is piling up. >> that's true. here is the thing that struck me about hagel hearings, it seemed at times that chuck hagel was surprised that these people were not happy with him. it's as if he did not read a newspaper in month. >> his response to the surge question. mccain is the biggest supporter of the surge, he led it. chuck hagel disagreed and mccain seems to be right. and hagel looked surprised by the question. in defense of molly's story and washington is getting better. that was not about dysfunction of washington, the two of them just do not like each other. that has nothing to do do with the broader things washington. the issue matrix is changing a bit. what we with saw in 2009 and 2010, when health care and economy were on the table, those are where the parties are fundamentally divided. that is going to be true. but the immigration, there's not the same divide with them. so it's not a polarizing issue with john kerry. part of the reason we are seeing less dysfunctio
we did not go over the fiscal cliff and we did not hit the debt ceiling. evidence is piling up. >> that's true. here is the thing that struck me about hagel hearings, it seemed at times that chuck hagel was surprised that these people were not happy with him. it's as if he did not read a newspaper in month. >> his response to the surge question. mccain is the biggest supporter of the surge, he led it. chuck hagel disagreed and mccain seems to be right. and hagel looked surprised by...
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Feb 1, 2013
02/13
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the debt ceiling or the sequester or the sgr cliff. does congressional staffers, i'm sure debbie can attest to, we are constantly living in his temporary environment because we have to. that is unfortunate your we would all like to take some time and do a deep dive into deep policy thinking and try to think of transformational ideas that can transform everything, but when we kind of walking to work reality hits us. we have a job to do. we have to take of the thing that is the most pressing on the front end, and, unfortunately, that's kind of the environment we are living in. and it was a very interesting panel, especially the last one, where i was hearing, there's nothing better than congressional staffers. actually talk to patients are going through the clinic. one of the things that, the reality that we suffer with, unfortunately and this is something we all have to deal with come is just the fiscal reality. as you rightly pointed out, it is right now the debate is about budget and at, people are can't figure out to control costs but
the debt ceiling or the sequester or the sgr cliff. does congressional staffers, i'm sure debbie can attest to, we are constantly living in his temporary environment because we have to. that is unfortunate your we would all like to take some time and do a deep dive into deep policy thinking and try to think of transformational ideas that can transform everything, but when we kind of walking to work reality hits us. we have a job to do. we have to take of the thing that is the most pressing on...
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ceiling debate of 2011. republicans say it is now time for the president to do something. >> this week, i'm pleased to join my leadership in putting forward the require a plan act that will say to the president two specific things. put a budget in place that balances with a continue-year period of time, but if you don't, tell us when it does. tell us when your plan balances. families and businesses across the great nation must work on a balanced budget. they can't borrow and spend as far as the eye can see. this president, it's time for him to step up, put forward a balanced budget or tell us when his budget will balance. >> for more on what we expect to hear from the president, we want to bring in my colleague and friend, john king in washington. john we know the president will try to kick the can forward here, talk about the need for revenue, as well as spending cuts but not deep cuts that everybody's concerned. what do we expect? >> a familiar haunt for both of us, the white house briefing room. using the
ceiling debate of 2011. republicans say it is now time for the president to do something. >> this week, i'm pleased to join my leadership in putting forward the require a plan act that will say to the president two specific things. put a budget in place that balances with a continue-year period of time, but if you don't, tell us when it does. tell us when your plan balances. families and businesses across the great nation must work on a balanced budget. they can't borrow and spend as far...
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Feb 5, 2013
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ceiling issue so that they can breathe a little bit and try and move away from just these fiscal sues. now on the horizon there are lots of house republicans, particularly younger ones, who say let's cut the defense budget, let those automatic spending cuts take place, and there are lots of senior republicans who say, not so fast. so that's going to be a problem within the republican party as we look ahead. >> where does karl rove and his new super pac fit into that? >> did you ever think republicans would call him a rhino, republican in name only. here you go. i've always thought of karl rove as a conservative. what's going on is his pac has said, you know what, we are tired of someone associated with his pac said to me, quote, the novelty of losing elections has worn off, and what they've decided to do is to start putting their money in primaries. they want to vet republican primary candidates so that by the time they get to the general election they believe they have qualified vetted candidates who can actually win. conservatives are saying, this is not what you should do. you need
ceiling issue so that they can breathe a little bit and try and move away from just these fiscal sues. now on the horizon there are lots of house republicans, particularly younger ones, who say let's cut the defense budget, let those automatic spending cuts take place, and there are lots of senior republicans who say, not so fast. so that's going to be a problem within the republican party as we look ahead. >> where does karl rove and his new super pac fit into that? >> did you ever...
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Jan 29, 2013
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ceiling bill that's now come over to the senate, it looks like the senate according to senator murray will now take up a budget. this is important because while republicans believe that spending is the problem not a lack of taxation, it's going to be a revealing exercise to see how this budget markup goes in committee and then, of course, on the floor. and it will be, i'm sure, a challenge for those who believe that more revenue is a solution as opposed to reining in spending to see how senate democrats produce 51 votes to pass a budget by the april 15th deadline. >> senate republicans just released a video that highlights the president's past statements when it comes to tackling the debt and his actual record when it comes to tackling the debt. and when out comes to reducing the debt as we would say out in the west, the president has been all hat and no cowboy. in other words, he's been all talk and no action. what we've seen over the past four years as trillion dollar deficits every single year, the debt has ballooned by 50%, and so the president's record and his rhetoric just don't
ceiling bill that's now come over to the senate, it looks like the senate according to senator murray will now take up a budget. this is important because while republicans believe that spending is the problem not a lack of taxation, it's going to be a revealing exercise to see how this budget markup goes in committee and then, of course, on the floor. and it will be, i'm sure, a challenge for those who believe that more revenue is a solution as opposed to reining in spending to see how senate...